本报讯 （记者丁蓉）12月26日，深圳市广聚能源股份有限公司（以下简称"广聚能源"）发布公告，该 公司与中广核（广东）新能源投资有限公司（以下简称"中广核广东公司"）于2025年12月24日签署了 《战略合作协议》，双方拟开展在新能源项目投资、售电、虚拟电厂等领域的合作，共同提升核心竞争 力，实现经济效益与社会效益协同增长，双方建立长期稳定合作关系。 广聚能源方面表示，这一协议的签署旨在建立战略合作关系，整合双方资源与优势，为公司在新能源领 域的业务布局提供协同发展路径，将有助于公司优化产业结构，增强在综合能源领域的市场竞争力，符 合公司打造大湾区一流综合能源运营商功能定位及发展战略。 （编辑 郭之宸） 根据公告，双方合作主要内容包括三方面。一是双方共同探索在海上风电、陆上风电等新能源项目开展 战略合作，联合参与广东沿海地区海上风电、陆上风电项目的投资、建设，共同打造区域性清洁能源示 范工程。二是双方共同发挥各自优势，在新能源装备、信创服务器、智能终端及绿色能源系统集成等领 域建立长期稳定的供应链协作机制。三是双方共同努力促进绿色能源消费，并择机开展虚拟电厂合作， 降低企业用电成本。乙方按照市场化原则，在同等 ...

Investment Rating - The report maintains a "Buy" rating for GCL-Poly Energy (002015) with a target price of 9.18 CNY over the next six months, compared to the current price of 7.30 CNY [1]. Core Insights - The company experienced a significant decline in net profit in 2024, primarily due to asset impairment losses and reduced gains from equity disposals. However, the first quarter of 2025 showed a strong recovery in revenue and net profit, driven by increased income from distributed photovoltaic and energy storage projects, as well as lower fuel prices [8][9]. - GCL-Poly is focusing on optimizing its asset structure and enhancing its core combined heat and power business while expanding its renewable energy projects. As of Q1 2025, the total installed capacity was 5,978 MW, with renewable energy accounting for 58.23% of total generation capacity [8][9]. - The company is also deepening its energy service offerings, particularly in energy efficiency and trading services, with significant growth in distributed photovoltaic projects and virtual power plant services [8][9]. Financial Summary - For 2024, GCL-Poly reported revenues of 9,796.41 million CNY, a decrease of 3.42% year-on-year, and a net profit attributable to the parent company of 489.04 million CNY, down 46.20% year-on-year. The first quarter of 2025 saw revenues of 29.33 million CNY, up 21.49% year-on-year, and a net profit of 2.54 million CNY, up 35.15% year-on-year [3][8]. - The forecast for 2025-2027 indicates a recovery in net profit, with estimates of 823.36 million CNY in 2025, 962.18 million CNY in 2026, and 1,190.87 million CNY in 2027, corresponding to a dynamic PE of 14.4, 12.3, and 10.0 respectively [9][10]. - The company is expected to achieve a revenue growth rate of 1.07% in 2025, followed by 23.21% in 2026 and 26.35% in 2027, with a projected total revenue of 12,199.53 million CNY in 2026 and 15,413.77 million CNY in 2027 [3][9].